Recovering serial entrepreneur?

This week as I pondered the case study of Magdalena Yesil, self-described “serial entrepreneur,” I reflected on my own entrepreneurial ventures and current career choices. I was able to see some similarities but also some things I didn’t want to experience. One of the negatives was the obsessiveness and drive which some entrepreneurs have to succeed. While it makes them very financially successful, I think that in some ways, personal relationships suffer and I definitely want balance and less stress in my life. One of the things I have struggled with is the guilt of moving away from entrepreneurship towards secure employment. This has been somewhat magnified because of my degree emphasis on entrepreneurial management. While I do struggle with this I also enjoy the personal growth opportunities that come from the materials I am able to study because they have such great application to personal improvement.

Going into General Conference this weekend, I really appreciated the quote from President Monson that Steven Hitz and James Ritchie included in The Ministry of Business, “Vision without effort is daydreaming; effort without vision is drudgery; but vision, coupled with effort, will obtain the prize.”

 

 

I am looking forward to the outpouring of instruction from modern-day prophets and apostles and the inspiration I so desire for my personal and professional life. I think it is great timing for us to have General Conference and then next week work on our personal constitution.

Entrepreneurial Dreams?

This week I have really enjoyed the discussion boards where we have been able to share our dreams and goals with others in the class and get feedback and opinions on them. I have found this to be very helpful in the past to distill my sometimes crazy ideas and narrow my focus to be able to accomplish what ends up being the most important to me. Bouncing ideas off others can be a two-edged sword where sometimes they can discount your ideas and make you discouraged and other times it gives you great encouragement and help in fine tuning your ideas and moving forward. All-in-all, I think it is a great exercise for entrepreneurs. I really look forward to continuing in this vein the rest of the semester. We have a great instructor and great classmates with a wide variety of goals and experiences.

 

This week’s reflection questions.

• Why do you think Randy Pausch was able to achieve so many of his childhood dreams? Randy Pausch was able to achieve many childhood dreams because he really wanted to. We can achieve our dreams if we focus on them, put ourselves in the right situations, and position ourselves to have those opportunities open up to us. A great example of this was one of the most difficult ones he achieved – working as an Imagineer for Disney. If he were to write down or try to plan how he could do that, he would not have written how it actually happened. He was able to achieve it because he became one of the best in his field and then looked for an opportunity to leverage that to achieve his dream.
• Do you feel that dreaming is important? Why or why not? Dreaming is very important. When we dream we consider what may be possible, even if that possibility is very remote. Just the act of dreaming sets in motion the beginnings of plans and goals. It lets us think, “what if…” I think that the ultimate draw of the gospel is hope. What if we can be cleansed of sin? What if we can be changed through the atonement of Christ to a new creature? What if we can have an eternal family? What if we can live in celestial glory for all eternity? These “dreams” or hope lead to faith (dreams) and then action (plans and goals).
• Discuss at least one of your childhood dreams. Explain why you believe you can or cannot achieve this dream. One of my childhood dreams that I could, and did achieve, was to have a beautiful wife, family, and children. A childhood dream that I probably will not achieve is to invent a flying car. One of my entrepreneurial disappointments has been my inability to translate an idea or invention into a business.

Beginning the Journey

A new Journey - Entrepreneurial Discovery (Rediscovery?)

As I evaluate my choices in life and the role the entrepreneurial spirit has had in those choice, one book has had a profound impact on me. The book by Robert T. Kiyosaki: Rich Dad, Poor Dad. What the rich teach their kids about money – that the poor and middle class do not!, epitomizes my somewhat schizophrenic attitude toward entrepreneurship. At some points I have been the "rich" dad and other times (currently) the "poor" dad.

One thing I have learned through these choices is that there are several financial philosophies that people from different walks of life subscribe to; from get rich quick to get rich slowly, from play it safe to takes risks and gamble, and from the idea that money is the root of all evil to the idea that “the love of money is the root of all evil” (I Tim. 6:10). In the gospel we learn that there are many philosophies, some worldly, or temporal, and some eternal, or spiritual. There are some that are true, while others are false. One of the purposes in life is to come to know who we are so we can realize our divine potential. Critical in this pursuit is determining eternal truth from the philosophies of man. I know that the source of truth is our Heavenly Father. When it comes to a true financial philosophy we need only to look to his counsel found in scripture. The one I’ve found most pertinent is: “But before you seek for riches, seek ye for the kingdom of God. And after ye have obtained a hope in Christ ye shall obtain riches, if ye seek them; and ye will seek them for the intent to do good…” (Jacob 2:18-19). I feel that if I use this as my guiding financial philosophy I will be keeping an eternal perspective while still providing for the material needs of this life.

Another principle I've learned is that financial acuity and wisdom must be learned. Robert T. Kiyosaki's rich dad said: “My brain gets stronger every day because I exercise it. The stronger it gets, the more money I can make.” As I compare financial principles with gospel principles, I see great parallels between gospel principles and financial principles espoused in this book. The principle of gaining knowledge was put very succinctly by Joseph Smith when he said: “Whatever principle of intelligence we attain unto in this life, it will rise with us in the resurrection” (D & C 130:18). I have a testimony that as we increase our knowledge of true principles it will be a blessing to us in this life, both in temporal and spiritual ways. The classes I have taken in the BYU-Idaho Pathway/Degree Program have taught me many great temporal as well as spiritual principles that I have already been able to apply in my life and in the financial choices I make. 

In this class, I would like to journey into my mind to maybe answer some questions I have been thinking about.

1.      Have I already started, owned, and closed the last entrepreneurial venture I will go into in my life?

2.      Can I have a secure career in the Water/Public Service business and an entrepreneurial venture, at the same time?

3.      Is my desire for a secure career with benefits and retirement stifling my creative side?

4.      If I have a great business idea, how do I put it all together? The team, financing, operations, etc.?

5.      When do I want to retire?